LAKE COUNTY, FLORIDA ‐ REQUEST FOR PROPOSALS
INFRASTRUCTURE SALES SURTAX REVENUE NOTE, SERIES 2019
(Not to Exceed $10,000,000)
RFP DATED: August 21, 2019
Lake County, Florida (“County”) is seeking proposals to provide a fixed rate, non‐bank qualified
term loan at the lowest overall borrowing cost, pursuant to certain conditions as determined by
the County. The County’s Infrastructure Sales Surtax Revenue Note, Series 2019 (the “2019
Note”) will be a direct loan and the County is not preparing any disclosure documents. The Lender
will be selected based on overall borrowing cost and terms most favorable to the County, based
on the County’s sole discretion.
A tentative calendar for the review of responses is as follows:
August 21, 2019
September 13, 2019
Week of Sept 16, 2019
October 8, 2019
October 22, 2019
Week of Oct 28, 2019
Responses due by 1 p.m.
County staff reviews responses and selects Lender for approval
Commission Meeting – Approval of Lender
Commission Meeting – Public Hearing / Approval of 2019 Note
Tentative Closing Date (subject to change)
Each proposal shall include the interest rate, prepayment provisions, fees, financial reporting
requirements, default rate, and other terms/conditions. No later than 1:00 p.m. eastern time
on September 13, 2019, an electronic copy of each proposal must be emailed to Bill Ponko
(firstname.lastname@example.org) at the County with a copy to Jay Glover (email@example.com) at PFM
Financial Advisors LLC (PFM).
Any inquiries or requests for clarification or additional information shall be emailed to the
County’s Financial Advisor: Jay Glover (firstname.lastname@example.org).
1. Term: The 2019 Note shall have a stated maturity of approximately 13 years, final principal
payment to be due on December 1, 2032.
2. Purpose: The 2019 Note proceeds will be used to finance the cost of road resurfacing projects
throughout the County.
3. Principal Payments: The principal related to the 2019 Note shall be fully amortized over the
term of the loan as set forth in Exhibit A, attached hereto and incorporated herein by reference.
4. Interest Rate: Interest on the 2019 Note shall be calculated on the basis of a 360‐day year
comprised of twelve 30‐day months, payable semiannually on June 1 and December 1,
commencing on June 1, 2020.
5. Prepayment Options: Describe any prepayment options available to the County. If a
prepayment penalty is required, state the terms of the penalty.
6. Security: The payment of the principal of and interest on the 2019 Note shall be secured by
Pledged Funds, which shall mean the Infrastructure Sales Surtax Revenues. Infrastructure Sales
Surtax Revenues shall mean the proceeds received by the Issuer from the levy of the one cent
local government infrastructure sales surtax pursuant to Section 212.055(2), Florida Statutes, and
other applicable provisions of law. Historical collection of Infrastructure Sales Surtax Revenues
is included as Exhibit B, attached hereto and incorporated herein by reference. The 2019 Note
will be issued on parity with the County’s Infrastructure Sales Surtax Revenue Bond, Series 2018.
Provided in Exhibit C, attached hereto and incorporated herein by reference, is an aggregate debt
service table including the 2019 Note. The County will certify compliance with the 1.35 times
additional bonds test as part of the closing.
7. Interest To Be Tax‐Exempt: The County will enter into such covenants as necessary in the
opinion of Note Counsel to ensure compliance by the County with the Internal Revenue Code of
1986, as amended ("Code"), and to qualify interest on the 2019 Note for exclusion from gross
income for federal income tax purposes as set forth in the opinion of Note Counsel. The County
will not accept any offer with capital adequacy or other interest rate adjustment language with
respect to changes to tax law. The only interest rate adjustment provision the County will
consider is one imposed by final judgment of the IRS and due from the holder which results solely
from the County’s actions or inactions.
9. Loan Documents: All loan documents shall be prepared by Nabors Giblin & Nickerson, Note
Counsel for the County, who shall provide the Lender and its Counsel with drafts thereof for
review and comment at least one week prior to loan closing. The County will not accept any
proposals that require acceleration for any events of default other than payment defaults. PFM
will serve in the sole capacity as financial advisor to the County and not as a placement agent for
the 2019 Note.
10. Closing: It is anticipated that closing for the 2019 Note shall occur on or around the week of
October 28, 2019. Closing shall occur at a time and place mutually acceptable to the County and
11. Costs and Fees: The County shall pay all costs relating to financing, preparing and printing
the loan documents, and filing all required financing statements. The County shall also pay the
Lender’s Bank Counsel Fees.
12. Rejection of Proposals/Negotiations: THE COUNTY EXPRESSLY RESERVES THE RIGHT TO
REJECT ANY AND ALL PROPOSALS RECEIVED IN CONNECTION WITH THIS REQUEST FOR
PROPOSALS AND THEREAFTER TO NEGOTIATE WITH ANY PROPOSER. AS PERMITTED BY LAW,
THE COUNTY RESERVES THE RIGHT TO WAIVE ANY IRREGULARITY OR INFORMALITY IN ANY
PROPOSAL. THE BASIS FOR ACCEPTANCE OF ANY PROPOSAL SHALL BE THAT WHICH IS IN THE
BEST INTEREST OF THE COUNTY AS DETERMINED SOLELY BY THE COUNTY. THE COUNTY ALSO
RESERVES THE RIGHT TO NEGOTIATE TERMS AND CONDITIONS WITH ANY PROPOSERS.
13. Instructions to Proposers:
A. Proposers shall thoroughly examine and be familiar with the proposal specifications.
Failure of any proposer to receive or examine this document shall in no way relieve any
proposer of obligations pertaining to this RFP or the subsequent contract.
B. Any changes or modifications to the proposal specifications can result in the rejection of
the proposal as not being responsive to this RFP.
C. The responsibility for delivering the proposal on or before the specified date and time will
be solely and strictly the responsibility of the proposer. The County will in no way be
responsible for delays.
D. The response deadline shall be strictly observed. Under no circumstances will a proposal
delivered after the time specified be considered.
E. Proposers will not be allowed to withdraw or modify their proposals without approval by
the County for a period of sixty (60) days after the opening time and date.
F. The County reserves the right to reject the proposal of any proposer who has previously
failed in the proper performance of a contract or to deliver on time other contracts similar
in nature, or who is not in a position to perform properly under this contract.
G. Federal, state, county, and local laws, ordinances, rules and regulations that in any
manner affect the items covered herein apply. Lack of knowledge by the Proposer will in
no way be a cause for relief from responsibility.
H. No successful Proposer may assign any portion of the contractual agreement between
the parties without prior written authorization by the County.
I. Changes to the RFP may be made by and at the sole discretion of the County.
J. Warranties ‐ The proposer, in submission of its proposal, warrants to the County that it
will comply with all applicable federal, state and local laws, regulations and orders in
providing the services under the proposed documents.
K. Collusion ‐ The Proposer, by affixing its signature to this proposal, certifies that its
proposal is made without previous understanding, agreement, or connection either with
any previous firms or corporations offering a Proposal for the same items, or with the
County. The Proposer also certifies that its proposal is in all respects fair, without outside
control, collusion, fraud or otherwise illegal action.
L. Discrimination – Pursuant to Section 287.134(2)(a), Florida Statutes, an entity or affiliate
who has been placed on the discriminatory vendor list may not submit a bid or proposal
on a contract to provide any goods or services to a public entity, may not submit a bid or
proposal on a contract with a public entity for the construction or repair of a public
building or public work, may not submit bid or proposal on leases of real property to a
public entity, may not be awarded or perform work as a contractor, supplier,
subcontractor, or consultant under a contract with any public entity, and may not transact
business with any public entity.
M. By submitting a proposal in response to this RFP, the Proposer/Purchaser acknowledges
the following statement: Purchaser has a present intent to hold the 2019 Note subject to
this transaction to maturity, earlier redemption, or mandatory tender for its loan
portfolio, and has no present intention of reselling or otherwise disposing of all or a part
of such the 2019 Note. Purchaser acknowledges that PFM is relying on the foregoing
representation and based on this representation this transaction meets the requirements
for being a qualifying exception for purposes of MSRB Rule G‐34, and PFM is released
from the requirement to request a CUSIP assignment on behalf of the County pursuant to
MSRB Rule G‐34 for the 2019 Note.
14. Amendment: The County reserves the right to amend or modify this Request for Proposals
Preliminary Loan Amortization Schedule*
*Final amortization shall be set when the actual interest rate has been determined. The County
reserves the right to amend the amortization schedule and size of the 2019 Note (within the not
to exceed amounts). Final maturity of the 2019 Note shall not be later than 12/01/2032.